Comparison of Last Crisis in the Point of View of Cycles and Crisis Management

Abstract

Facing another crisis that is not only affecting our economy, but rather the goal of preserving our health, so curbing the pandemic is a priority. However, this is not possible without a continuous response to the economic crisis. Thanks to the rapid response of the nations, the economy was able to overcome its initial difficulties. Unfortunately, this is not yet a reason to restart the recovery, as new restrictions are coming into force day by day. Regulation is causing huge losses in many sectors and rising unemployment is spreading rapidly. People are also suffering from the changed situation and there has already been a loss of confidence, which is an aggravating factor for the crisis. Unfortunately, we do not anticipate the depth and length of the crisis, but based on statistics, the outlook is not very encouraging. The right leadership decisions, interventions and cohesion are needed to recover from the crisis. It can be a big question for us whether we can really anticipate a crisis, whether it can be prevented by taking the right measures, with the right preparedness, or whether we will only realize when it has already happened and try to mitigate the serious consequences. What are the factors that always appear when a crisis develops, and what are the factors that exacerbate it? However, we must also not forget that by experiencing a crisis, we can always learn something new, fix the faults of the old system and improve a lot while looking for a solution.